mt. Gox Rumors Cause Panic, Send Bitcoin Price Below $20K

mt. Gox Rumors Dismissed as “Typical Crypto”

Limited liquidity in the order books over the weekend has not helped the choppy market. We now see that at these moments little is needed to give the price a big knock. First, the news is that the Bitcoin of the Mt. Gox users release not yet confirmed. Second, that wouldn’t be an immediate release of Bitcoin. It is likely that the users in question will not have access to their funds for a few months.

When the users of Mt. Gox lost access to their Bitcoin we were dealing with a rate of $500. This means that these people still have a profit of 4,000 percent. A price gain that is probably too tempting for most not to sell at least some of their Bitcoin as soon as they get it back.

The implosion of Mt. gox

mt. Gox imploded nearly ten years ago with hundreds of thousands of Bitcoin from users on the exchange platform. After a long legal procedure announced the insolvency administrator appointed for the trial on 6 July to prepare to pay out the funds to users. In the documentation at the time, bankruptcy trustee Nobuaki Kobayashi designated “the end of August” as the period for starting the first payouts.

However, according to Danny Devan, it could take years for all 137,000 Bitcoin to be paid out. So it seems like a storm in a teacup. It remains to be seen whether Bitcoin would have made the same price drop if we hadn’t been on a weekend. That the first few Bitcoins from Mt. Gox would be released around this period was no secret, so it is strange that the market reacts so emotionally.

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